The 700-billion-dollar rescue plan is suppose to lift the US economy, stop the bad debts choking the US credit market and prevent the world from going into a financial crisis. Too bad no one knows how it’s supposed to do all that.
US President George W. Bush is in a tight spot. He needs to convince wary US lawmakers to adopt his administration's 700-billion-dollar Wall Street rescue plan, but he has no answers to their very good questions. Pressing urgently for a massive financial bailout, Bush has no idea how much debt the US government will take on, how they will then unwind their position, how long will the government hold onto the debts and what will they then do if the rescue plan fail.
Now if you think this is another anti-Bush bashing rant, you are wrong. I feel a little bit of sympathy for the man. Here he is about 1 month before the next US Presidential election, and he is facing the biggest mess in his reign. Yes, I think this may be bigger then the Iraq/Afghan mess the US is in right now. The thing is that Bush is not an economics guy. When I saw him on TV explaining the mess, I can’t help but think, “He look blur.”
He look like he has no idea what he is saying and it can’t be help because the problems is just so complex, he has no idea what the problems are, much less how to fix it. All he can do is to ask for $700 billion and give it to people who will know what to do with the money.
Unfortunately for Bush, he is the president and the US lawmakers are asking some very good questions. The sooner he comes up with the answers, the better it will be for everyone.
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